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Dean's Daily FX Update – 29 May 2017
In the Zone
- EURUSD
- NZDUSD
- USDCAD
- Gold
- Silver
Noteworthy News
- President Trump is back in Washington, and we now see his twitter account has been turned on again. Expect to see news about the tax reform coming.
Recap
The week has started in rather a subdued fashion as the market may be a little nervous to take any big decisions with two of our major trading centres in London and New York not at their desks today. China is also on holiday today and so there is definitely a lid put on trading. There was actually a lot of news flow to come out over the weekend, the UK election polls are choppy at the moment, North Korea launched yet another missile, and Merkel comments on the US alliance.
The only real market moving event was local developments as news filtered through of the NEC discussions over the weekend. Saturday rumours were rife that President Zuma would be forced out of office, while late Sunday it emerged that he survived a no confidence vote – for now. The USDZAR fell in early trade but has since recovered as the Rand will undoubtedly weaken today. Offshore investors will be scrutinizing any details, it does seem as though every action of the President is going to be under a microscope from here in, and I would not be surprised if these developments resurface.
The majors are all unchanged on the day, there may be some action in the EURUSD later as ECB President Draghi addresses the market. There looks as though some possible opportunity brewing in both metals, but I am hesitant to look for too much considering the reduced liquidity later today.
Daily Ranges 29/05/2017
Majors
EURUSD
Resistance 1.1200 – 1.1205
Support 1.1160 – 1.1150
GBPUSD
Resistance 1.2880 – 1.2930
Support 1.2800 – 1.2770
AUDUSD
Resistance 0.7470 – 0.7490
Support 0.7430 – 0.7400
NZDUSD
Resistance 0.7050 – 0.7070
Support 0.7010 – 0.7000
USDCAD
Resistance 1.3480 – 1.3500
Support 1.3400 – 1.3370
USDJPY
Resistance 111.60 – 111.80
Support 111.10 – 111.00
USDCHF
Resistance 0.9750 – 0.9770
Support 0.9700 – 0.9690
Rand
USDZAR
Resistance 12.9600 – 13.0050
Support 12.8400 – 12.8150
EURZAR
Resistance 14.4950 – 14.5500
Support 14.3440 – 14.3000
GBPZAR
Resistance 16.6580 – 16.6860
Support 16.4560 – 16.4260
Minors
AUDCAD
Resistance 1.0040 – 1.0060
Support 0.9990 – 0.9950
AUDJPY
Resistance 83.10 – 83.30
Support 82.60 – 82.30
EURCHF
Resistance 1.0910 – 1.0920
Support 1.0900 – 1.0880
EURGBP
Resistance 0.8720 – 0.8750
Support 0.8680 – 0.8660
EURJPY
Resistance 124.90 – 125.00
Support 124.25 – 124.00
GBPJPY
Resistance 143.70 – 144.00
Support 142.50 – 142.00
GBPCAD
Resistance 1.7370 – 1.7400
Support 1.7240 – 1.7220
GBPCHF
Resistance 1.2550 – 1.2570
Support 1.2470 – 1.2450
Indices
DE30
Resistance 12680 – 12700
Support 12550 – 12520
UK100
Resistance
Support
US500
Resistance 2418 – 2430
Support 2390 – 2380
US30
Resistance 21100 – 21200
Support 20900 – 20870
SA40
Resistance 48000 – 48200
Support 47600 – 47300
Commodities
BRENT
Resistance 54.40 – 54.60
Support 53.40 – 53.10
XAUUSD
Resistance 1250.00 – 1270.00
Support 1240.00 – 1220.00
XAGUSD
Resistance 17.10 – 17.30
Support 16.80 – 16.60
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